- Press Release -

As per the analysis conducted by Fact MR, the global data annotation market is anticipated to exhibit a CAGR of 15.1% during the forecast period from 2022-2032.

The increased adoption of the ‘do-it-yourself’ method is projected to be one of the significant factors boosting the market in the assessment period. The growing penetration of AI and machine learning solutions in the healthcare sector is anticipated to be another significant cause that can augment the industry in the coming time. Furthermore, the outbreak of COVID-19 offered various opportunities for expansion to the industry owing to the adoption of Work from Home culture.

On the contrary, high costs associated with manual data annotation and poor data labeling services are anticipated to hinder market growth in the forecast period. Also, the lack of a skilled workforce is projected to be another cause that can impede the market growth.

Key Takeaways from the Market Study

• The global data annotation tool market is anticipated to exhibit a CAGR of 15.1% during the forecast period from 2022 to 2032.
• The manual annotation segment is projected to garner a market share of 76% during the forecast period.
• The automatic annotation tool segment is projected to witness the highest growth trajectory while expanding at a CAGR of 17% in the forecast period.
• North America is anticipated to garner 32% of the global market share, growing at a CAGR of 13%
• South Asia & Pacific to be fastest growing, registering a CAGR worth 18% through 2032

“Increased adoption of AI and Machine Learning in the healthcare sector can play a significant role in boosting the market. Further, the outbreak of COVID-19 has offered various opportunities of expansion to the market.” – says an analyst at Fact.MR.

Competitive Landscape

The players of the market focus on expanding their market through the adoption of various methods such as; acquisition, partnership, expansion, and brand development. Key players are taking various initiatives to make their products unique from their competitors.

• In May 2021, CloudApp, a cross-platform for the modern workplace, announced the partnership with Slack and Atlassian products Jira and Confluence.
• In August 2021, Appen Limited, an Australian company that offers high-quality training data for organizations, disclosed its plan to acquire Quadrant,a renowned player in mobile location data, corresponding compliance services, and Pint-of Interest data.
• In July 2021, TELUS International, a renowned digital customer experience innovator that offers next-generation solutions, disclosed its plan to acquire the Bangalore-based Playment, a known player in the sphere of data annotation and computer vision tools, specialized in 2D and 3D.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global data annotation tool market, presenting forecast statistics for the period of 2022-2032 and historical analysis from 2017 to 2021.

The study reveals essential insights on the basis of data type (text, image/video and audio), annotation type (manual, semi-supervised and automatic) and vertical (IT, automotive, government, healthcare, financial services, retail and others) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).

Fact.MR’s Domain Knowledge in Technology

Our ICT consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the ICT sector. Our expertise in recognizing the challenges and trends impacting the global ICT industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

For more information, refer to our market research report or contact the PR author.

Santosh Kumar

Fact.MR

Sr. Consultant – ICT

E-mail: santosh@factmr.com